Posted by Mark-NC on September 17, 2000 at 13:37:18:
Martin,
You will not have to come up with cash to buy it. You are basicly going to be doing a simulataneous closing(2 closings back to back).
When your end buyer’s financing comes to the table the closing agent takes that money, pays off your seller and what ever else needs to be paid and whats left over is your profit.
As far as sticking to 3 bedroom 2 baths it would be nice, but if there is a deal to be made and the numbers are right, go for it.
Posted by Eric Martin on September 17, 2000 at 11:21:24:
I just bought Ron LeGrand’s course. I’ve listen to the tapes
& watched the videos. I completely understand the concept
of lease options but a few things I don’t get.
If you control the house and your at the closing,
how are you going to buy the house then sell it if you
have no cash? When it’s your turn to buy how will you do it?
He recommended sticking with 3 bedrooms & 2 baths? Is there any reasoning for this?
I would like to hear from people who have actually went through this process.